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Side-by-side financial comparison of Applied Digital Corp. (APLD) and Kennedy-Wilson Holdings, Inc. (KW). Click either name above to swap in a different company.
Applied Digital Corp. is the larger business by last-quarter revenue ($126.6M vs $120.6M, roughly 1.0× Kennedy-Wilson Holdings, Inc.). Kennedy-Wilson Holdings, Inc. runs the higher net margin — 48.1% vs -11.4%, a 59.5% gap on every dollar of revenue. On growth, Applied Digital Corp. posted the faster year-over-year revenue change (98.2% vs -11.0%). Kennedy-Wilson Holdings, Inc. produced more free cash flow last quarter ($-55.2M vs $-567.9M). Over the past eight quarters, Applied Digital Corp.'s revenue compounded faster (70.9% CAGR vs -6.0%).
BAE Systems Digital Intelligence is an international defence and security technology firm owned by BAE Systems. They specialize in delivering digital solutions that enable rapid, data-driven decision-making. Their services, solutions and products span customers in Law Enforcement, National Security, Government Departments and Government Enterprises, Critical National Infrastructure, Telecommunications, the Military, and Space.
Kennedy Wilson is a real estate investment company headquartered in Beverly Hills, California, United States.
APLD vs KW — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $126.6M | $120.6M |
| Net Profit | $-14.4M | $58.0M |
| Gross Margin | 20.6% | — |
| Operating Margin | -24.5% | 57.3% |
| Net Margin | -11.4% | 48.1% |
| Revenue YoY | 98.2% | -11.0% |
| Net Profit YoY | 89.6% | 32.7% |
| EPS (diluted) | $-0.07 | $0.22 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $126.6M | $120.6M | ||
| Q3 25 | $64.2M | $116.4M | ||
| Q2 25 | $-33.3M | $135.7M | ||
| Q1 25 | $52.9M | $128.3M | ||
| Q4 24 | $63.9M | $135.5M | ||
| Q3 24 | $60.7M | $127.5M | ||
| Q2 24 | $43.7M | $132.0M | ||
| Q1 24 | $43.3M | $136.4M |
| Q4 25 | $-14.4M | $58.0M | ||
| Q3 25 | $-16.9M | $-10.2M | ||
| Q2 25 | $-52.5M | $5.6M | ||
| Q1 25 | $-35.6M | $-29.6M | ||
| Q4 24 | $-138.7M | $43.7M | ||
| Q3 24 | $-4.2M | $-66.8M | ||
| Q2 24 | $-64.5M | $-48.3M | ||
| Q1 24 | $-62.8M | $37.7M |
| Q4 25 | 20.6% | — | ||
| Q3 25 | 13.4% | — | ||
| Q2 25 | — | — | ||
| Q1 25 | 7.1% | — | ||
| Q4 24 | 18.0% | — | ||
| Q3 24 | -0.6% | — | ||
| Q2 24 | -9.1% | — | ||
| Q1 24 | -8.6% | — |
| Q4 25 | -24.5% | 57.3% | ||
| Q3 25 | -34.7% | -6.2% | ||
| Q2 25 | — | 7.4% | ||
| Q1 25 | -35.8% | -26.9% | ||
| Q4 24 | -29.1% | 36.7% | ||
| Q3 24 | 15.6% | -60.8% | ||
| Q2 24 | -68.4% | -45.5% | ||
| Q1 24 | -128.8% | 47.2% |
| Q4 25 | -11.4% | 48.1% | ||
| Q3 25 | -26.4% | -8.8% | ||
| Q2 25 | 157.8% | 4.1% | ||
| Q1 25 | -67.2% | -23.1% | ||
| Q4 24 | -217.2% | 32.3% | ||
| Q3 24 | -7.0% | -52.4% | ||
| Q2 24 | -147.5% | -36.6% | ||
| Q1 24 | -145.0% | 27.6% |
| Q4 25 | $-0.07 | $0.22 | ||
| Q3 25 | $-0.07 | $-0.15 | ||
| Q2 25 | $-0.31 | $-0.05 | ||
| Q1 25 | $-0.16 | $-0.30 | ||
| Q4 24 | $-0.66 | $0.24 | ||
| Q3 24 | $-0.03 | $-0.56 | ||
| Q2 24 | $-0.57 | $-0.43 | ||
| Q1 24 | $-0.52 | $0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.9B | $184.5M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.4B | $1.5B |
| Total Assets | $5.2B | $6.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.9B | $184.5M | ||
| Q3 25 | $73.9M | $382.6M | ||
| Q2 25 | $41.6M | $309.1M | ||
| Q1 25 | $68.7M | $356.6M | ||
| Q4 24 | $286.2M | $217.5M | ||
| Q3 24 | $58.2M | $367.1M | ||
| Q2 24 | $3.3M | $366.5M | ||
| Q1 24 | $4.4M | $541.9M |
| Q4 25 | $1.4B | $1.5B | ||
| Q3 25 | $1.0B | $1.5B | ||
| Q2 25 | $497.7M | $1.6B | ||
| Q1 25 | $454.6M | $1.6B | ||
| Q4 24 | $434.6M | $1.6B | ||
| Q3 24 | $241.8M | $1.6B | ||
| Q2 24 | $124.8M | $1.7B | ||
| Q1 24 | $118.5M | $1.7B |
| Q4 25 | $5.2B | $6.6B | ||
| Q3 25 | $2.4B | $6.7B | ||
| Q2 25 | $1.9B | $6.8B | ||
| Q1 25 | $1.7B | $7.2B | ||
| Q4 24 | $1.5B | $7.0B | ||
| Q3 24 | $937.7M | $7.4B | ||
| Q2 24 | $762.9M | $7.5B | ||
| Q1 24 | $643.2M | $7.7B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-15.8M | $11.4M |
| Free Cash FlowOCF − Capex | $-567.9M | $-55.2M |
| FCF MarginFCF / Revenue | -448.6% | -45.8% |
| Capex IntensityCapex / Revenue | 436.1% | 55.2% |
| Cash ConversionOCF / Net Profit | — | 0.20× |
| TTM Free Cash FlowTrailing 4 quarters | $-1.3B | $-103.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-15.8M | $11.4M | ||
| Q3 25 | $-82.0M | $-7.6M | ||
| Q2 25 | $6.9M | $42.0M | ||
| Q1 25 | $5.9M | $-51.9M | ||
| Q4 24 | $-52.3M | $55.1M | ||
| Q3 24 | $-75.9M | $-5.6M | ||
| Q2 24 | $-34.1M | $36.7M | ||
| Q1 24 | $38.8M | $-5.6M |
| Q4 25 | $-567.9M | $-55.2M | ||
| Q3 25 | $-331.4M | $-18.0M | ||
| Q2 25 | $-191.4M | $29.4M | ||
| Q1 25 | $-251.6M | $-59.7M | ||
| Q4 24 | $-223.3M | $-76.5M | ||
| Q3 24 | $-130.7M | $-27.7M | ||
| Q2 24 | $-88.9M | $-500.0K | ||
| Q1 24 | $-2.3M | $-57.1M |
| Q4 25 | -448.6% | -45.8% | ||
| Q3 25 | -516.1% | -15.5% | ||
| Q2 25 | 574.8% | 21.7% | ||
| Q1 25 | -475.4% | -46.5% | ||
| Q4 24 | -349.6% | -56.5% | ||
| Q3 24 | -215.3% | -21.7% | ||
| Q2 24 | -203.5% | -0.4% | ||
| Q1 24 | -5.4% | -41.9% |
| Q4 25 | 436.1% | 55.2% | ||
| Q3 25 | 388.4% | 8.9% | ||
| Q2 25 | -595.4% | 9.3% | ||
| Q1 25 | 486.6% | 6.1% | ||
| Q4 24 | 267.8% | 97.1% | ||
| Q3 24 | 90.3% | 17.3% | ||
| Q2 24 | 125.4% | 28.2% | ||
| Q1 24 | 95.0% | 37.8% |
| Q4 25 | — | 0.20× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 7.50× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 1.26× | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | -0.15× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
APLD
| HPC Hosting Business | $85.0M | 67% |
| Data Center Hosting Business | $41.6M | 33% |
KW
| Consolidated Portfolio Segment | $84.9M | 70% |
| Investment Management Fees | $30.4M | 25% |
| Real Estate | $5.1M | 4% |
